Actually, you can have elevated CO2 without low O2. It's the classic intern error of putting someone who is dependent on hypoxic drive onto O2 . . . you raise the oxygen in the arterial blood and the patient stops breathing, or drops their breathing to where CO2 goes through the roof.
In scuba divers, the likelihood of exerting oneself to the point of dropping arterial pO2 is low, in part because the FIO2 is so high, and also because it's almost impossible to reach those extremely high aerobic workloads because the work of breathing just won't let you do it.
But you're right -- the precise mechanism is something we can debate (and, of course, I'm right, because I'm a doctor ), but the important take home message to the diving community is that it is not a good idea to overexert yourself on scuba, and if you start to feel short of breath and panicky, do what your OW manual told you to do -- stop, hold onto something if necessary, take slow, deep breaths, and relax.
In scuba divers, the likelihood of exerting oneself to the point of dropping arterial pO2 is low, in part because the FIO2 is so high, and also because it's almost impossible to reach those extremely high aerobic workloads because the work of breathing just won't let you do it.
But you're right -- the precise mechanism is something we can debate (and, of course, I'm right, because I'm a doctor ), but the important take home message to the diving community is that it is not a good idea to overexert yourself on scuba, and if you start to feel short of breath and panicky, do what your OW manual told you to do -- stop, hold onto something if necessary, take slow, deep breaths, and relax.